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Extended exemptions from gift duty proposed

It is not widely appreciated that since 1 July 2008, the exemption from gift duty for donations to charities only applies to donations that are made to registered charities (tax charities).

However, as registration is voluntary a charity can be a donee organisation, but not a registered charity. As a consequence, a donor may be entitled to a tax benefit for a gift to donee organisation but can also incur a gift duty liability.

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Can extending the trust period bring the existing trust to an end?

Following on from the post on 23 October 2009 regarding tax consequences that can follow on from a variation of trust it is perhaps timely to consider whether something as commonplace as a variation in trust period could effect a fundamental variation.

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So you think your relationship can’t get any worse…

When you think your relationship can’t get any worse, and you’ve given until it hurts, you can then find yourself with a gift duty assessment…

With the Government Tax Policy Work Programme having confirmed that further legislative exemptions from gift duty are under consideration, it is perhaps timely to review relationship property agreements and gift duty, an area where gift duty and filing obligations are often over-looked or misunderstood. Read more

GST changes in the wings?

A discussion document released 5 November 2005 proposes a domestic reverse charge (“DRC”) for transactions involving the supplies of land, going concerns or other assets valued at more than $50 million.  If adopted this proposal would mean that the buyer, rather than the seller would account for goods and services tax (“GST”) where the DRC applies.

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Recent comments

  • Joanne Martin: Hi Would you be able to email me to discuss a small company that is an LTC which I need some advice on...
  • Rizwana Saheed: You are on the right track that there is an exemption when employees work overtime but whether or not...
  • bryan: as a group of employees we get paid meal money if we exceed 11hrs on any day. Employer says he wants to tax...
  • linda: My mother is 94 and has dementia. With govt assisted carers she is still living in a home gifted within the...
  • Sharon: Hi Daniel, Can you please advise how owners of a profit-making LTC pay themselves? The owners used to pay...
  • Another Anne: My Dad is in care on full subsidy. I am EPOA. Are we able to gift some money to my brother in UK so...
  • Twagilayesu Isaya: I agree with the author of this article that Inland Revenue Department need to provide clear...
  • Quinn: Hi. I would like some clarification regarding the valuation of the investments component of the owners basis...
  • QROPS Pensions: Interesting piece of writing, you always write the most useful content & TalkTax is no exception...
  • Davo: Jo, quite likely is that the transition to an LTC was not done in time and the company became a normal company...

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